BOSTON--(BUSINESS WIRE)--Seniors and baby boomers are living longer, working harder and challenging negative stereotypes of aging by providing more workplace value than their millennial counterparts.
“The national retirement age of 65 was set 80 years ago, but with the 20th century’s greatest gift of 30 years added to longevity, this outdated policy perpetuates negative perceptions of older workers,” said human resources and aging expert William Zinke. “With 109 million Americans including every baby boomer now over 50, this is not just about living longer – it’s a wake-up call to recognize their ability to contribute to the nation’s economic growth. Older workers deliver productive engagement, and their job tenure is almost four times longer than younger workers. They are key to recalibrating our overburdened Social Security and other entitlement programs.”
The 88-year-old Zinke co-authored a paper in 2000 with Dr. Elliott Jaques, the renowned social scientist who developed the “mid-life crisis” concept, titled “The Evolution of Adulthood: A New Stage,” that added to the traditional two stages (18-40 and 40-62), a third stage of adulthood from 62-85 when many older people can continue to work and to add value. “These older workers are an enormous talent pool that brings critical characteristics to the workplace which I call Double ESP™: Experience, Expertise, Seasoned Judgment and Proven Performance,” said Zinke.
Dr. Janice Wassel, associate professor of gerontology at the University of North Carolina Greensboro, talks about the “phenomenal aspects of growing older,” and notes that employers, managers and human resource professionals are taking notice of this important demographic megatrend. “Research shows that the mind actually gets sharper with age in a number of vital areas including cognitive skills, multi-tasking and managing conflict and compromise,” she said. “Negative emotions such as sadness, anger and fear become less pronounced than in the drama-filled younger years. There have never been so many people living so long and remaining so productive. The ‘democratization of old age’ means that increased longevity is no longer reserved for the lucky few and is changing the negative perception that older people lose their effectiveness in the workplace. Aging is a description, not a disease.”
Recruiters and HR managers, frustrated with the chronic job-hopping of the millennial generation, are becoming wary of hiring, training, then losing employees after one- or two-year stints with little return on investment. The work ethic, strong work commitment and higher motivation of older workers are receiving greater attention in strategic workforce planning.
“A Merrill Lynch survey in 2014 found that 72 percent of pre-retirees 50+ want to continue working well past retirement age,” said Zinke. “This phenomenal aspect of aging is coming into play no time too soon, as today there are now only 3.3 workers for one retiree compared to 16.5 in 1950.” Zinke advocates increasing the retirement age to 70 and then linked to further increases in longevity to make social programs economically sustainable, with the acknowledgement that all age groups can add value including those well into their 60s, 70s and 80s.
HR professionals increasingly view older workers as more reliable, dependable and committed to their work. They require less training and development than younger workers, and also can serve as experienced mentors and coaches. Their lower turnover rates are convincing managers to reallocate recruiting and training budgets away from the 20-24 and 25-34 age groups (who average 1.3 and 3.0 years of job tenure respectively) and more toward the 55-64 age group (whose average tenure is 10.4 years).
With the mission to persuade America that people 50+ are significant contributors, and to reverse the pervasively negative feelings about ageism, Zinke founded Enrich Life Over 50 (ELO50) in 2014 as a national grassroots movement designed to regenerate millions of people in their extended longevity. With the support of academic and business leaders including William H. Webster, 91, chairman of the Homeland Security Advisory Council and former director of the FBI and CIA, ELO50 is forming chapters in 27 major cities throughout the U.S. to redefine retirement and to integrate people 50 and older more effectively into the nation’s economic and social fabric.
One of the first ELO50 chapters is being formed in Boston, with its inaugural meeting on June 10. For more information, visit www.elo50.com.